It seems that nowadays, it’s likely many young people will live in rented properties for their whole lives, as opposed to buying a property of their own. With prices rising, wages falling and interest rates lower than ever, it’s not surprising that young people are strapped for cash and finding it difficult to save. Buying your own home does have it’s benefits compared to a rented property, where you might feel like it’s not quite your own. So, we’ve put together a few top tips to show you areas that you might not have even thought of, where you can cut back. Hopefully you’ll be on your way to joining the property ladder in no time.
Keep Track Of Your Spending
Unless you know exactly what your money is being spent on each week, it’s unlikely that you’ll be able to spot areas where you could be saving yourself some cash. Start making a note of everything that you’re spending day to day, there are even apps that can download to help you do this. Once you’re aware of exactly where your money is going on a daily basis, you’ll find it a lot easier to identify where you can cut back.
Cut Back On Nights Out
We’re not suggesting that you give up your social life altogether, but there are definitely ways to make socialising cheaper for you, and your friends! You’ll find that activities such as eating at nice restaurants and going out for drinks can add up to a small fortune over the course of a month. Instead of blowing all of your money on taxis and extortionate drinks prices, invite everyone round to your place or dinner and drinks. You’ll really notice the difference over time.
Save Money On Transport
If you use public transport or drive your own car to get around, then this is one area where you could be saving huge amount of money each month. Start by finding out if your place of work run a cycle to work scheme. If they don’t, you can always pick up a second hand bike for fairly cheap. Over time you’ll be saving hundreds of pounds that can go straight into your property savings instead of on just getting around. This is also a sneaky way to get rid of your gym membership!
Find A Smaller Apartment
Depending on your lease, one clever option may be to downsize to a cheaper apartment in the meantime. Although this will feel like you’re going backwards, you’ll know that actually in the long run it’s helping you to take a huge step forward, towards your very own first property.
Save Money On The Process
In many cases, people who are yet to buy their first property are unaware of the actual costs included in the process. With solicitor fees and added taxes, it is a complex and expensive affair. The more you learn about what’s involved, the better prepared you will be, instead of being caught off guard by hidden fees that you had no idea about. In addition, remember to shop around before just accepting the first conveyancing quote that gets thrown at you by an estate agent, as it is likely there will be cheaper options. To make sure you get the best deals on a solicitor, it’s important to stay local. If you’re looking for a property in Manchester for example, search for solicitors who practice conveyancing in Manchester. This will help you to save money and secure a good deal with professionals who are based in the right area that will know your local market inside and out.